Create Multiple Streams Of Income In Case You Lose Your Job

Create Multiple Streams of Income In Case You Lose Your Job

No matter how secure you feel your job and industry are, there is always a chance things could go south. Take the time now to create multiple sources of income in case your main one is cut off in the future.

Picture: ismynik/Flickr

Grant Cardone, writing at Entrepreneur, shares how he's created other sources of income for himself:

To create wealth, you must make investments that will create dependable streams of income flows, independent of your main source of income. I use rental income from apartments and partnerships in other companies to throw off passive flows of income. I continue to pay attention to each of these flows to make them stronger.

Even if you don't have much time for a side gig, passively earning money to pad your pocket helps to make you feel more confident about your financial future, gives you extra cash to spend, and gives you something to fall back on if you lose your job. For more tips on how to increase your wealth, check out the full post linked below.

8 Money Mistakes to Avoid On Your Way to Being Wealthy [Entrepreneur]


Comments

    my dad used to own a few franchises. and at one of their national conferences, their advice was
    if you want to make an extra 10 grand a month, its easy...... open on sunday. mind blowing stuff.

    So the headline is "Create multiple streams of income".

    The article content is "I have lots of businesses that make me lots of money"

    In between the two? Crickets and tumbleweed. And in fact the articles linked from this one are much the same (except one that does seem to have some tangible ideas).

    The purpose of an article like this shouldn't just be somebody saying "I used to have no money and now I have some money", it needs to take us on the journey from state A to state B.

    I love how once in a while LH will say "fuck it, let's not even get close to regular people with this one. Next weeks headline is.."

    Which private jet to take to which private island this month

    Good concept. Poor example for the 99%.

    I work a day job, but I also moonlight as a music tutor and I take commissions for music transcriptions and record backing tracks for people to sing over at weddings and the like.

    I'm sure most of you have skills that you could be selling on the side.

    Let's look at this another way... I've had many different jobs in my career. If I lose my current job I have a greater chance in being able to pick up one of my previous types of work. The downside is, no long service leave and a lower income. But I'm more employable.

    "Don't put your eggs in one basket" - sound familiar?

    Last edited 07/03/15 1:45 pm

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